Apartment City

La Mirage: hilltop site a few blocks from Qualcomm Stadium The Irvine Co. has bought an upscale apartment complex in Mission Valley — the company’s largest single-property acquisition of the year. The Newport Beach- based real estate investor and developer recently closed on the purchase of La Mirage, a 1,410- unit apartment complex just off Interstate 15. The 74- acre hilltop site is a few blocks from Qualcomm Stadium. La Mirage was bought from Chicago- based apartment owner Equity Residential . A sale price for the transaction, which was completed late last month, was not disclosed. The tab would come to about $ 350 million based on a per- apartment price of about $250,000 — the going rate for high- end rental properties in the region. That estimate would put the deal among the most expensive seen in San Diego this year. The county’s priciest real estate sale of any type this year is reported to be La Costa Resort and Spa in Carlsbad. Dallas-based Omni Hote...

Ilene Waterstone says Park La Brea is "overpriced projects right now." Photo by Shane Lopes Ilene Waterstone, actor- comedian Steve Martin 's personal assistant, moved into a tower at the Park La Brea Apartments on April Fools' Day in 1992. She wasn't sure what to expect. "I used to think of Park La Brea as being the old people's complex," she recalls. It wasn't long before she fell in love with it. The grounds were lush and well-maintained, her neighbors respectful and neat. Then about two years ago, things went to hell. Elevators in her high- rise building repeatedly broke down, forcing Waterstone , 64 and saddled with chronic orthopedic problems , to trudge up and down floor after floor in a dimly lit stairwell to her eighth-floor apartment. She once made the climb wet and embarrassed after coming home from a water aerobics class to yet another grounded elevator . Rats and cockroaches infested what she says was an increasingly filthy buil...

CLOSE Lisa Conley gives the scoop on what we are working on today. Aventine at Naples (Photo: All Commercial Photography ) The sale of Aventine at Naples points to the strength of the East Naples market — and the growing demand for apartments.  The 350- unit apartment community off Collier Boulevard, between Davis Boulevard and Rattlesnake Hammock Road , recently sold for $67 million.  The sellers, Continental Realty Corp ., based in Baltimore, purchased the complex for $44.25 million in 2013, when both employment and multifamily rental rates were on the rise in the Naples area. More: Downtown Naples office tower sells for $16 million More: Newly built Port Royal home fetched record price this year, eclipsing last year's most expensive sale More: Local investors purchase a second building on Fifth Avenue South More: Two commercial buildings sold for $7.2 million on Fifth Avenue in Naples Continental made various upgrades to the complex, which included installing an outdoor k...

Providence Place Apartments rendering by SGN+A. HUNTSVILLE, Alabama -- Developers are breaking ground or already at work on several major apartment projects this year across the Huntsville area. The construction activity isn 't surprising to David Wilson, who tracks dozens of apartment complexes with 60 or more units in the local market. "We've had few new construction starts the last few years," he said. "Things are ramping up after a lull." It helps that the Huntsville area has one of the healthier economies in the state and region, Wilson said. Only 86 apartments were added to the local market in 2011, according to Wilson, a sales agent with Birmingham- based Rock Apartment Advisors and president of The David Wilson Co. in Huntsville. In 2010, 644 apartment units were delivered. Site preparation work started earlier this year at the site of Providence Place Apartments at the northeast corner of Providence Main Street and Biltmore Drive in west Hunts...

How the fight against displacement calls for New York City’s Asian immigrant communities to defect from the “ model minority ” narrative. Media Gallery When NYU sophomore Sam Kim attended a rally outside Manhattan’s City Hall in March, he didn’t think that he would be ushered into the spotlight. Kim had learned of the rally through the local housing organization CAAAV (Committee Against Anti-Asian Violence), which called on New Yorkers to oppose President Trump ’s proposed $6.2 billion cut to the 2018 budget of the Department of Housing and Urban Development (HUD). This cut would dramatically reduce federal funding for New York City public housing , which currently provides rent-subsidized homes to 600,000 New Yorkers. Along the City Hall steps , Kim and two fellow student organizers joined a rare gathering of tenants from otherwise disparate peripheries of the city. Asian immigrants from Chinatown and Queens stood alongside Black and Latino residents of Brooklyn and the Bronx...